【正文】
Money demand 0 1 (Low) (High) (High) (Low) 1/2 1/4 3/4 1 2 4 M1 MS1 The Effects of Moary Injection Quantity of Money Value of Money Price Level Money demand 0 1 (Low) (High) (High) (Low) 1/2 1/4 3/4 1 2 4 M1 MS1 1. An increase in the money supply... The Effects of Moary Injection Quantity of Money Value of Money Price Level Money demand 0 1 (Low) (High) (High) (Low) 1/2 1/4 3/4 1 2 4 M1 MS1 M1 MS2 1. An increase in the money supply... The Effects of Moary Injection Quantity of Money Value of Money Price Level A B Money demand 0 1 (Low) (High) (High) (Low) 1/2 1/4 3/4 1 2 4 M1 MS1 M1 MS2 1. An increase in the money supply... The Effects of Moary Injection Quantity of Money Value of Money Price Level A B Money demand 0 1 (Low) (High) (High) (Low) 1/2 1/4 3/4 1 2 4 M1 MS1 M1 MS2 2. ...decreases the value of money ... 1. An increase in the money supply... The Effects of Moary Injection Quantity of Money Value of Money Price Level A B Money demand 0 1 (Low) (High) (High) (Low) 1/2 1/4 3/4 1 2 4 M1 MS1 M1 MS2 2. ...decreases the value of money ... 3. and increases the price level. 1. An increase in the money supply... Hyperinflation惡性通貨膨脹 ? Hyperinflation is inflation that exceeds 50 percent per month. Hyperinflation ? Hyperinflation occurs in some countries because the government prints too much money to pay for its spending. Hyperinflation ? Note the relationship between the growth rate of the quantity of money and the price level. Hyperinflation Hungary匈牙利 Money supply 1925 1924 1923 1922 1921 Price level 100,000 10,000 1,000 100 Index (Jan. 1921 = 100) Austria奧地利 Price level 100,000 10,000 1,000 100 1925 1924 1923 1922 1921 Money supply Index (Jan. 1921 = 100) Hyperinflation Germany德國(guó) 1 100 trillion 1 million 10 billion 1 trillion 100 million 10,000 100 1925 1924 1923 1922 1921 Price level Money supply Poland波蘭 Money supply Price level Index (Jan. 1921 = 100) 100 10 million 100,000 1 million 10,000 1,000 1925 1924 1923 1922 1921 Index (Jan. 1921 = 100) Hyperinflation and Inflation Tax通貨膨脹稅 ? When the government raises revenue by printing money, it is said to levy an inflation tax. 228。 The supply of money curve shifts to the right. 228。 It is a continuous increase (持續(xù)上升) versus a onceandforall increase in prices. 228。 ? 不利于儲(chǔ)蓄者,不利于貸款者。 ? 通貨膨脹使貨幣貶值,動(dòng)搖人們對(duì)貨幣的信心。六、通貨膨脹與失業(yè)理論 INFLATION AND UNEMPLOYMENT 通貨膨脹定義與危害 ? 通貨膨脹是指商品和生產(chǎn)要素價(jià)格普遍和持續(xù)的上漲。 ? 持續(xù)的通貨膨脹會(huì)破壞價(jià)格機(jī)制,使生產(chǎn)者和消費(fèi)者作出錯(cuò)誤決策,導(dǎo)致資源配置浪費(fèi)。 ? 不利于本國(guó)出口,不利于國(guó)際收支平衡。 Inflation: Its Causes and Costs 通貨膨脹:原因與成本 ? Inflation is an increase in the overall price 228。 Inflation deals with the increase in the average of prices(平均水平) and not just significant increases in the price of a few goods. The Causes of Inflation ? Inflation is an economywide moary phenomenon(貨幣現(xiàn)象) that concerns, first and foremost, the value of the economy’s medium of exchange. The Causes of Inflation ? To understand the causes of inflation we must understand the concepts of money supply, money demand, and moary equilibrium(貨幣均衡) . ? In the long run, the overall level of prices adjusts to the level at which the demand for money equals the supply. Money Supply and Money Demand Money Supply